Transportation is a part of this downward trend. With negative reports from the coals, autos and other key products that rails like CSX and Union Pacific carry, it’s no wonder this group is struggling. But this is not a buying opportunity, Cramer said. These transports are still dominated by hedge funds and none offer dividends, a great protection in this volatile market.

Cramer does like NYSE Euronext , though. Trading volume and a resurgence in IPOs are only a matter of time, he said, and NYX does pay a good-yielding dividend.

Lastly, it looks like embattled money manager Bernard Madoff “still gets to live like a king,” Cramer said, instead of being sent to jail. Watch the video for Cramer’s latest rant about the man at the center of what’s being called the largest Ponzi scheme in history.

Join Cramer live in the studio for Mad Money: The State of Cramerica, a special town hall-style show on Wednesday, Jan. 21. Get your free tickets here!